Posted by Rich/PA on 4/24/09 11:27am
Msg #286158

E-signing initial impressions.

I wanted to pass along some initial impressions about e-signing to those - like myself, who have only used the traditional method. I am very impressed with Gemstone and the system it utilizes to reduce the amount of paper from loan packages. The demo on "how to" is impressive and informative. The ability for borrowers to be able to sign multiple documents with one click of a mouse button looks impressive. The interface appears user friendly with quick feedback to Borrower and Notary on what has been done and what needs to be done. There are still some documents which require wet ink (HUD etc..) to be FedEx'd back - yet the amount of paper is greatly reduced. I am not a tree huger, but there is no sense in wasting and this system appears to cut down on paper by 1/2 - 3/4 normal paper volume.

This is my first use of this system and closing using this system occurs later this evening. I must add I am impressed and looking forward to this. It seems like it will be the future for a large part of our business.

I guess we should all start preparing for air cards and laptops as essential tools equvilant to a pen.


Rich

Reply by ME/NJ on 4/24/09 11:38am
Msg #286163

Did my first last night

Very easy once I figured it out..lol The TC makes sure the BO has a computer and internet connection.

Reply by Lola Killackey on 4/24/09 11:39am
Msg #286164

I agree, Gemstone seems to have everything covered. and I think that in the future it will save on even more printing. I've done a few e.signings, generally we use the bo computer. I don't think it is cost effective to have a phone card at this point.

Reply by Philip Johnson on 4/24/09 11:44am
Msg #286166

Paper savings?

The last one I completed still had 125 pages of paper copies. Also trying to download the Gemstone copies to his computer to be saved wouldn't happen so he just passed and took his paper copies.

Reply by Rich/PA on 4/24/09 11:46am
Msg #286167

Re: Paper savings?

He couldn't save docs as PDF?

Reply by ME/NJ on 4/24/09 11:53am
Msg #286168

120 pages vs 300-400 (2 copies)

big paper savings and I download the esign docs to the persons hard drive.

Reply by Philip Johnson on 4/24/09 11:56am
Msg #286171

2 sets of 120 pages = 240 or a regular package n/m

Reply by Philip Johnson on 4/24/09 11:55am
Msg #286169

Wouldn't generate a pdf, he and I are

fairly knowledgeable about all this stuff and it just wouldn't do it. C'est La Vie.

Reply by Rich/PA on 4/24/09 12:21pm
Msg #286178

Re: Wouldn't generate a pdf, he and I are

Thanks for the feedback. I'll be on the lookout for that. Adding a thumb drive for customer in the cost of service might be an option. Everybody likes toys.

Reply by dickb/wi on 4/24/09 12:28pm
Msg #286179

do you think if you down loaded "cute" in to your......

or his desk top and installed it that you could just hit print and choose cute as the printer. that should give you a pdf copy on your desk top and then you could print the pdf file....just a thought.......some times swift view will go directly to print and i am able to choose cute so i can put the docs on my desk top......

Reply by Charles_Ca on 4/24/09 12:31pm
Msg #286181

Hi Dickb I assume that you are referring to Cute FTP...

I use it a lot and its a great file transfer protocol.

Reply by davidK/CA on 4/24/09 12:32pm
Msg #286183

My e-signing experience

For CA loans, so far, GemStone/AmTrust eliminates only about 16% of the paper.

For a typical 120 page loan document only about 40 pages can be signed electronically, so the rest still requires printing. 120 - 40 = 80 pages to be wet signed and sent to title. You also need to print an entire 120 page set to be used for wet signing just as if it was a normal signing in case the e-signing didn't complete successfully.

So out of a potential 240 pages, you still have to print 200 pages. That's a savings of only 40 pages or 16%. If the e-signing is successful then you still have to wet sign the other 80 pages, give 80 pages to the borrower as their copies and you can then shred the other 40 pages that duplicate the e-signed documents or give them to the borrower in case they can't save or print the e-signed documents.

As to equipment, I think GemStone made a big mistake by insisting that their program runs only on Windows Internet Explorer (IE). Not everyone uses Internet Explorer, or even has IE on their computer, but GemStone will refuse to work with any other browser and there is no workaround.

As to the requirement to provide your own laptop computer and cellular connection where the borrower doesn't have a computer or Internet Explorer, what makes GemStone believe that cell service works well everywhere? It doesn't, and having the NSA provide their own laptop and an "Aircard" (for a $60.00 minimum monthly fee in CA) is no guarantee that an e-signing will be successful at the borrower's home. If my cell doesn't work well in my home, why should anyone assume that it will work successfully in someone else's home? Yes, I've seen the commercials, but I rarely go to the North Pole or a deserted Pacific Island to use my computer.

The real reason for e-signings? The title company saves money which they sort-of pass on to the broker. If the e-signing fails and it has to be completed manually they reduce the payment to the broker by $250.00. If it works, the broker saves $250.00 and gets his full commission, and the NSA gets his/her regular fee, nothing extra. An then of course everyone wants the NSA to take a reduction in fee to do an e-signing because they are "so easy".

Easy? Maybe, but not often enough. Better? Not in my opinion.

Reply by MW/VA on 4/24/09 12:52pm
Msg #286189

E-signs aren't difficult, but they are not necessarily less work. I suggest you wait a while before rushing out for a laptop & aircard. I did that, and the volume never materialized. I took a $150 early termination hit on the aircard. I now have a Blackberry that I can use as a Broadband modem. Be aware that you can only access the Gemstone website with I/E. You almost also have to have a portable printer with you. The RTC is in the e-sign documents, & I believe Amtrust has been challenged about that. It all sounds simple enough, but there are a lot of variables in the field that can cause you to have to abort & do paper anyway. It's not about saving paper. Amtrust wants the Note immediately for funding.
Many of us don't feel it's worth the extra costs to us. My .02

Reply by RickG/CA on 4/24/09 4:18pm
Msg #286226

Not a big fan of eSign, I've used Gemstone and Fiserv. That said, I do them regularly, not for all the extra dough but because like it or not it's the direction we're headed. Every time I think it's not very convenient, I have to remind myself the process (myself included) is not for me but the borrower/lender. My job is to do my part more efficiently.

Reply by David Kruss on 4/24/09 4:58pm
Msg #286232

Rick, do you honestly believe that e-signings as they are currently processed are efficient?

Perhaps it is for the lender, but hardly that for everyone else including the borrower who has to read and e-sign very important and complex legal documents off of a computer screen, sometimes a computer that he is not familiar with and that maybe displays only tiny print.

I dislike the "reader" who wants to slowly read each and every word before they sign the document while the clocks ticks away, and my next appointment goes to overtime, but I think that has to be better than making a financil decision after a 30 second scan of a 15 page document off of a computer screen.

Reply by RickG/CA on 4/25/09 8:57am
Msg #286289

"do you honestly believe that e-signings as they are currently processed are efficient?"

Absolutely not! Like I said, I'm not a big fan of the eSign process. My job is to my part efficiently.

There are "readers" of the paper docs as well, we've learn to grit our teeth, smile and move along.

Reply by MichiganAl on 4/25/09 2:28am
Msg #286275

I don't think it's for the borrower at all

I've yet to have a borrower who thought it was more convenient, easier, quicker, more efficient, or better in any way. There's nothing convenient about everyone gathering around a laptop trying to scroll and read through their loan docs. I don't think it's the wave of the future. I think it's a big fat flop that sounded good in theory but just doesn't work well in the real world. As Renee Kovacs touched on in a previous thread, e-signs make it quicker and easier to sell the loan. It's not at all about the borrower.

Reply by Lee/AR on 4/25/09 6:17am
Msg #286278

Absolutely right, Al.

Personally, I think they abuse the Borrower, Broker, and NSA with this e-signing practice.

Reply by sue_pa on 4/25/09 9:02am
Msg #286290

Re: Absolutely right, Al.

I agree with Al about the "in theory" part. In an office situation where they are set up for this is an entirely different situation than us going into a kids bedroom and squishing around his little teeny desk. The last one I did (and I swear it will be my last one), I made the kid open his curtains and put up the blinds so I could see. I made him bring in the floor lamp from the living room. His mother and I were sitting thigh to thigh in the corner of his room with him breathing over our shoulders because the ^*((&^& thing wasn't working. We had AmTrust on my phone and Raji in India on her phone. 45 minutes before we could even get access to the docs and begin.